Chevron Corp. said its quarterly earnings more than doubled, beating Wall Street forecasts, as the second-largest U.S. oil company benefited from high oil prices and strong refinery margins.
Chevron's profit rose to $7.8 billion, or $3.92 per share, from $3.8 billion, or $1.87 per share, a year earlier.
Analysts had expected $3.48 a share, according to Thomson Reuters I/B/E/S.
Sales rose 26 percent to $61.26 billion.
Chevron reported 2.6 million barrels of oil equivalent per day (bpd) of output, down from 2.74 million a year-ago.
Benchmark Brent crude averaged $112 per barrel in the quarter, down from $117 in the second quarter but up from $77 a year before.
On Thursday, Exxon Mobil Corp and Royal Dutch Shell Plc reported sharp increases in quarterly profits that came in ahead of analysts' forecasts.
Chevron recorded a one-time gain of about $500 million from the sale of its Pembroke refinery to Valero Energy Corp.
In July, Chevron said a slower Gulf of Mexico project ramp-up and a Thai pipeline problem would trim its 2011 production by about 30,000 bpd.
Chevron shares were down slightly in premarket trading.
© 2013 Thomson/Reuters. All rights reserved.